China’s central bank ramped up its fight against money laundering and terrorist financing last year, imposing substantially higher fines than in 2017 and expanding its campaign into non-financial sectors, reported Caixin.
The People’s Bank of China doled out penalties totaling RMB 189.3 million ($27 million) for violations of money-laundering regulations in 2018, 41% more than the previous year, it said in a report released last week. Under Chinese law, money laundering carries a maximum one-off fine of RMB 5 million for a financial institution and RMB 500,000 for an individual.
Chinese prosecutors approved the arrest of 7,881 people suspected of involvement in schemes involving money laundering last year, 313 more than in 2017, according to the report. Courts convicted 11,428 people of crimes including money laundering and concealing the proceeds of criminal activity, a 10.1% increase on the previous year.